In your audit of Garza Company, you find that a physical inventory on December 31, 2019, showed
Question:
1. Merchandise of $61,000 which is held by Garza on consignment. The consignor is the Bontemps Company.
2. Merchandise costing $33,000 which was shipped by Garza f.o.b. destination to a customer on December 31, 2019. The customer was expected to receive the merchandise on January 6, 2020.
3. Merchandise costing $46,000 which was shipped by Garza f.o.b. shipping point to a customer on December 29, 2019. The customer was scheduled to receive the merchandise on January 2, 2020.
4. Merchandise costing $73,000 shipped by a vendor f.o.b. destination on December 30, 2019, and received by Garza on January 4, 2020.
5. Merchandise costing $51,000 shipped by a vendor f.o.b. shipping point on December 31, 2019, and received by Garza on January 5, 2020.
Instructions
Based on the above information, calculate the amount that should appear on Garza's statement of financial position at December 31, 2019, for inventory.
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Related Book For
Intermediate Accounting IFRS
ISBN: 978-1119372936
3rd edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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